AUD/USD is chasing the “Shark”

AUD/USD is chasing the “Shark”

Recommendation:

SELL 0.7880, SL 0.7935, TP 0.7760 

On the daily chart, AUD/USD keeps correction to the uptrend. For its further development bears need to pull the prices below 0.7900 and renew correction low at 0.7875. In this case, the “Shark” pattern will be triggered. Its 88.6% target corresponds to the lower border of the medium-term uptrend.

AUD1.png

On H1, AUD/USD keeps consolidating in the 0.7880-0.7965 area in line with “Shakeout-Fakeout” and “Spike and ledge” patterns. The break of support at 0.7880 will be a signal for the development of correction towards 0.7760.

AUD2.png

 

 

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